Following June's huge surprise jumps in Housing Starts (revised lower) and Building Permits (revised notably higher), July saw both starts and permits plunge (-4.8% and -4.1% respectively) dramatically missing expectations. The majority of the plunge is driven by multi-family starts crashing 35.2% YoY to its lowest since Sept 2016.
Permits' 7.4% June surge was revised up to a 9.2% spike (the biggest since Nov 2015) before July's plunge.
Multi-Family Starts plunged to the lowest levels since September 2016...
This is a 5.6% slump in Housing Starts...
With Multifamily starts crashing 17.1% sequentially and 35.2% year-over-year - this is the 5th month in a row of year-over-declines...something that hasn't happened outside of recession
Permits drop was also dominated by multi-family...
The Northwest and Midwest saw over 15% crashes in starts MoM but The South dominates the trend with a 16.5% collapse year-over-year.
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